Homburg Invest Inc. net earnings third quarter up 42%

Funds from operations for the third quarter was $1.089 million or $.02 per share compared with $976 thousand in 2001, also $.02 per share. Funds from operations was up $113 thousand or 12% on property revenue of $4.704 million in 2002 versus $4.127 million in 2001. Net earnings for the third quarter of 2002 was $559 thousand or $.02 per share up 42% when compared with net earnings of $393 thousand, $.01 per share for the third quarter of 2001.

Funds from operations for the nine month period was $3.018 million in 2002 or $.09 per share basic and $.08 per share diluted compared with $2.734 million in 2001, also $.08 per share (basic and diluted). Funds from operations was up $284 thousand or 10% on property revenue of $13.434 million in 2002 versus $11.839 million in 2001.

Net earnings for the first nine months of 2002 was $1.418 million or $.04 per share up 30% when compared with net earnings of $1.090 million or $.03 per share for the first nine months of 2001.

IAS net earnings in the first three quarters of 2002 are up 18% to $1.852 million. IAS funds from operations of $2.874 million in the first nine months of 2002 represents an increase of 10% over the corresponding period last year.

The improvement in 2002 is due to the coming on stream of nine new properties acquired since September 1, 2001.

For more information please visit www.homburginvest.com.

(source: Homburg Invest)

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